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Author: Windowseat Big funky green star, 20000 posts Top Favorite Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308454  
Subject: Re: walking away Date: 3/1/2008 6:35 PM
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And just what services do they in fact provide for those fees? That's never very clear in the article.

I gather that a lawyer tells them not to worry, and an accountant tells them how much money they'll save.

Actually, the banks might want to rethink foreclosing, at lesat in some cases. In some of the Rust Belt cities the banks are being sued by city prosecuters who insist that the bank maintain the houses that are being abandoned; keep the yard mowed, replace broken glass with more glass, rather than plywood, and generally keep the place respectable looking.

The banks can't auction the homes, because the lowest bid has to be what the bank is owed, and that's usually more than the house is worth. So in many cases, particularly in cities that have a lot of these cases, it might be worth keeping the family in the home, paying a minor rent, and maintaining the property.

Yes, it seems like a handout, but the banks are bringing in more money, the neighborhoods are more stable, the homeowners who bit off more than they could chew at lesat have a place to stay, and in some cases they might actually pull things together and make regular payments.

It just seems that with the situation growing worse, there's a need for potential solutions that show a little imagination, not just the usual foreclosure or walk away answers.

Nancy
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